home / study / math / statistics and probability / statistics and probability questions and answers...

Free

50.1K

Verified Solution

Question

Statistics

home / study / math / statistics and probability / statisticsand probability questions and answers / we are going to play a gameof chance. we will roll a die (half of a pair of dice) and if it... Your question has been answered Let us know if you got ahelpful answer. Rate this answer Question: We are going to play agame of chance. We will roll a die (half of a pair of dice) and ifit come... We are going to play a game of chance. We will roll adie (half of a pair of dice) and if it comes up with one or twospots showing, you win and I will pay you $1.50. If it comes upwith three, four, five, or six spots showing, you lose and you willpay me $1.00. So, the probability that you will win is 1/3 and theprobability you will lose is 2/3. What is the expected value ofthis game for you?

Answer & Explanation Solved by verified expert

3.6 Ratings (446 Votes)

EventÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Value for you (Random Variable X)Â Â Â Probability (P) of XÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â XP

Die spot:1,2Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1.50Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 1/3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 0.50

Die spot 3,4,5,6Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â - 1.00Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â 2/3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â - 0.67

-------------------------------------------------------------------------------------------------------------------------------

Expected valueÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â = - 0.17

So,

Answer is:

- 0.17

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!

Become a Member

home / study / math / statistics and probability / statistics and probability questions and answers...

Free

50.1K

Verified Solution

Question

Statistics

Answer & Explanation Solved by verified expert

Get Answers to Unlimited Questions

Membership Benefits:

Other questions asked by students

Client Total Purchases in Prior Year Average Order Customer Rank By Purchases Company Name Average Annual Sales A 2,379 1,190 A (use hlookup formula here) B 72,560 6,596 E (use...

Why are people with high blood pressure at a greater risk for having a hemorrhagic (or...

In Java Script how do you code an array with the values and suits of cards...

Q The magnitude of the force in Newtons acting on a body varies with time...

The volume of a triangular pyramid is 224 units. If the base and height of...

4 Simplify A B C D 3 2x 5 15x 5 x 5 2x 5...

Based on the data shown below a statistician calculates a linear model y 2 02x...

[The following information applies to the questions displayed below.] Washington Countys...

answer beta and expected return please Anakin forms an aggressive growth portfolio by investing...

Pacific Fisheries, Inc. processes salmon for various distributors. Two departments are involved-processing and packaging. Data...

Can you explain the concept behind Cash and Sales discount? 1) Which account is debited...

The following are selected 2020 transactions of Ayayai Corporation. Sept. Purchased inventory from Encino Company...